Cryptocurrency Adoption is on the Rise

They say “cash is king,” but the use of digital money has become increasingly popular with 19% of those we surveyed having bought, sold, or traded cryptocurrency. 

Curious to get a penny for consumers’ thoughts when it comes to this new FinTech trend, we recently surveyed 1,649 Americans.

While there’s many platforms vying for cryptocurrency adopters’ investments, two in particular are being most commonly leveraged.

Growing Intrigue Among Those Yet to Adopt Crypto

Among those who haven’t used cryptocurrency, we found that the main barrier is “not fully understanding how Cryptocurrency works” (52%). That being said, 39% of those who have yet to invest are curious to learn more about it, suggesting that cryptocurrency adoption is likely to grow.

With our research showing that Americans plan to spend an average of 8.5% more on holiday gifts this year compared to 2020 and with Overstock, Paypal and other retailers now offering customers the option to pay with Bitcoin, will we see shifts in how holiday gifts are paid for beginning this year?

As for the future of cryptocurrency, while those who have yet to invest would like to research it more thoroughly before buying in, with 56% of cryptocurrency users anticipating using it more next year than this past one (and 41% planning to keep pace), cryptocurrency doesn’t appear to be going broke.

Interested to learn about another recent trend taking hold in the FinTech space? Read our recent blog post about Buy Now, Pay Later payment services. 

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Rachel Kaye

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